Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors

The Commission has issued today two feedback statements on the previous Consultation Papers (“CPs”) on Professional Indemnity Insurance (“PII”), one in relation to the Fiduciary and Investment sectors and the other relevant to the Insurance Intermediary and Insurance Manager sectors. Both consultations were closed in February 2022.

The Feedback Statements are accompanied by draft Rules extracts* showing intended changes to the current Rules. The amended Rules have been drafted following review of the response to the CPs. A final eight-week consultation period is being offered to provide an opportunity to identify any “fatal flaws” in the draft amended Rules, after which amendments will be formally adopted. Comments may be submitted via the Commission's Consultation Hub here.

Feedback statement on the CP on PII for Fiduciary and Investment sectors can be found here.

Feedback statement on the CP on PII for Insurance Intermediary and Insurance Manager sectors can be found here. 

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*The relevant Rules are as follows:

• The Fiduciary Rules and Guidance, 2021
• The Licensees (Capital Adequacy) Rules and Guidance, 2021
• The Insurance Intermediaries Rules & Guidance, 2021
• The Insurance Managers Rules & Guidance, 2021